Office of the Assistant Secretary for Housing-Federal Housing Commissioner, HUD.
This Federal Register Notice announces that HUD has posted a draft Notice, “Guidelines for Certain HUD Approvals Regarding Properties Encumbered by HUD-Held Mark-to-Market Program Debt and Portfolio Reengineering Demonstration Program Debt,” on the Multifamily Drafting Table on HUD's website for public feedback. The draft Notice is intended to replace Housing Notice 2012-10, “Guidelines for Assumption, Subordination, or Assignment of Mark-to-Market (M2M) Loans in Transfer of Physical Assets (TPA) and Refinance Transactions” in its entirety.
The draft Notice will be available for feedback for 30 days after publication in the Federal Register.
Interested persons are invited to submit questions or comments electronically to postM2M@hud.gov.
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FOR FURTHER INFORMATION CONTACT:
To assure a timely response, please direct requests for further information electronically to the email address postM2M@hud.gov. Written requests may also be directed to the following address: Office of Housing—Office of Recapitalization; Department of Housing and Urban Development; 451 7th Street SW, Room 6230; Washington, DC 20410; or by telephone at 202-708-0001 (this is not a toll-free number). Persons with hearing or speech impairments may access this number through TTY by calling the Federal Relay Service at (800) 877-8339 (this is a toll-free number).
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The draft Notice posted on the Multifamily Housing Drafting Table provides new instructions for the acquisition and/or refinancing of projects after they have been through a Mark-to-Market Program (“M2M”) debt restructuring or a Portfolio Reengineering Demonstration Program (“Demo Program”) restructuring and are encumbered by HUD-held debt (collectively referred to as “Post-M2M” activities). In addition, Section 3 of the draft Notice would replace Appendix C of the Mark-to-Market Operating Procedures Guide regarding transfers of assets to qualified nonprofits, Section 4 covers matured and outstanding M2M or Demo Program debt, and Section 5 contains guidance that supplements HUD's previously issued 8(bb) Notice (H-2015-03), and this supplemental guidance may also be relied upon by owners of projects with satisfied M2M subordinate debt obligation(s) that remain encumbered by a M2M Use Agreement and continue to benefit from a Full M2M Renewal Contract. The draft Notice will be available for feedback for 30 days at the following URL: https://www.hud.gov/program_offices/housing/mfh/MFH_policy_drafts.
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Dana T. Wade,
Assistant Secretary for Housing—Federal Housing Commissioner.
[FR Doc. 2020-18976 Filed 8-27-20; 8:45 am]
BILLING CODE 4210-67-P